Janney Montgomery Scott LLC Has $6.66 Million Position in Targa Resources Corp. (NYSE:TRGP)

Janney Montgomery Scott LLC decreased its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 9.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 44,962 shares of the pipeline company's stock after selling 4,546 shares during the quarter. Janney Montgomery Scott LLC's holdings in Targa Resources were worth $6,655,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of TRGP. Realta Investment Advisors acquired a new position in Targa Resources in the 3rd quarter worth approximately $217,000. Farther Finance Advisors LLC lifted its position in shares of Targa Resources by 1,217.9% in the third quarter. Farther Finance Advisors LLC now owns 4,270 shares of the pipeline company's stock worth $632,000 after purchasing an additional 3,946 shares in the last quarter. Americana Partners LLC boosted its holdings in shares of Targa Resources by 4.6% during the third quarter. Americana Partners LLC now owns 11,172 shares of the pipeline company's stock worth $1,654,000 after purchasing an additional 490 shares during the period. Gladstone Institutional Advisory LLC purchased a new position in Targa Resources during the third quarter valued at approximately $382,000. Finally, US Bancorp DE increased its stake in Targa Resources by 7.3% in the 3rd quarter. US Bancorp DE now owns 24,037 shares of the pipeline company's stock valued at $3,558,000 after buying an additional 1,628 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on TRGP shares. Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a report on Friday, October 25th. The Goldman Sachs Group boosted their target price on Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a research note on Thursday, September 19th. Scotiabank raised their price target on Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, July 17th. Truist Financial boosted their price target on Targa Resources from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Barclays raised their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a research report on Tuesday, October 15th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of "Buy" and an average price target of $157.21.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded up $4.49 during midday trading on Friday, hitting $192.28. The company's stock had a trading volume of 2,372,731 shares, compared to its average volume of 1,655,778. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $192.63. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.53 and a current ratio of 0.77. The stock has a market capitalization of $41.93 billion, a price-to-earnings ratio of 34.77, a PEG ratio of 1.44 and a beta of 2.24. The stock's 50 day simple moving average is $158.92 and its 200 day simple moving average is $138.09.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the business posted $0.97 EPS. As a group, research analysts anticipate that Targa Resources Corp. will post 5.96 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is presently 54.25%.

Insiders Place Their Bets

In related news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company's stock, valued at $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Robert Muraro sold 2,500 shares of the firm's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company's stock, valued at $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul W. Chung sold 5,264 shares of Targa Resources stock in a transaction on Monday, August 12th. The stock was sold at an average price of $138.03, for a total transaction of $726,589.92. Following the sale, the director now owns 232,827 shares in the company, valued at $32,137,110.81. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 157,764 shares of company stock worth $24,421,590 in the last ninety days. Insiders own 1.39% of the company's stock.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.